Injazat Technology Fund, the first Islamic venture capital firm in the MENA region, has announced a substantial investment in EJADA, the recently launched integrated IT services and solutions provider formed by the merger between three major IT companies, Advanced Computer Technology (ACT), Elite Computer Solutions (Elite) and NewTek Solutions International (NEWTEK). EJADA is currently one of the largest companies involved in the designing and delivering of integrated IT solutions in the Middle East and North Africa (MENA).
EJADA offers a full range of services in banking and finance, oil and gas, telecom, government and general business. Its services include consulting, application development using advanced methods and technologies, system integration, IT facilities management, enterprise application integration, business service management including IT security and IT infrastructure management. It covers the MENA region through its offices in Dubai, Saudi Arabia, Egypt and Jordan.
Speaking at a press conference held today Tuesday, 5 April, Mahmoud El Leissy, Chief Executive Officer, EJADA said, "The capital infusion of Injazat has certainly strengthened our position as one of the largest IT services companies in the region. Through this merger, EJADA has positioned its services to clients with greater industry focus, while continuing to deliver services of globally competitive standards, services that have become benchmarks in the region. Injazat's support will certainly ensure that our business is based on stronger financial capabilities, using a broader scope of resources and portfolio's of its constituent companies."
Commenting on the investment, Hussein Rifai, Chief Executive Officer, Injazat Technology Fund said, "We are committed to the development and enhancement of IT industry in the region, by supporting companies who have contributed to developing IT resources. The decision to invest in EJADA was taken after a thorough analysis of existing business models of the three constituent companies and the integrated business plans of the merged entity. Through the merger of equally strong partners, EJADA has endeavoured to create one of the largest focused IT services companies in the Middle East, and will be offering its services to some of the most strategic industries in the Gulf region, making it a prime choice for investment."
"Through the establishment of EJADA, the Middle East IT sector will bear witness to high levels of quality, right from designing to deploying of IT systems, offering clients the full value chain and significantly boosting the quality of IT services in the region," added Youssef Ward, President, EJADA.
Injazat Technology Fund is a US$ 50 million venture capital company established to invest in companies which significantly contribute to the growth and development of the IT and technology sector in the region.
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About Injazat Technology Fund
Injazat Technology Fund is a US$ 50 million Venture Capital Fund operating in compliance with Shari'a principles and targeting technology companies within the MENA region under the motto, 'From the region, For the region'. The Fund was initiated by the Islamic Corporation for the Development of the Private Sector (ICD), an affiliate of the Islamic Development Bank (IDB) and by Gulf Finance House (GFH), in partnership with Dubai Islamic Bank, Saudi Economic and Development Company (SEDCO) and Iran Foreign Investment Corporation (IFIC).
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© Press Release 2005
